President Donald Trump on Thursday threatened a 200% tariff on European wine, Champagne and spirits if the European Union goes forward with a planned 50% tariff on American whiskey. Wine sellers and importers said a tariff of that size would essentially shut down the European wine business in the U.S.

President Trump’s threat to impose 200 percent fees on European wines could harm importers, distributors, retailers and restaurants without necessarily helping U.S. producers.

Trump slammed the European Union as “one of the most hostile and abusive taxing and tariffing authorities in the World.”